We have yet to complete the D extension on the monthly ABCD setup.
Price is finding resistance on the monthly resistance of 1.1350
Possible ABC formation on the weekly timeframe with the D extension (127.2%) lining up with the monthly D extension as well as weekly support - 1.1250 further creating more confluence of bearish momentum.
I'm awaiting a possible...
Monthly candle closed as a hammer above the monthly support - 1.1245
Possible 'ABC' setup on the lower timeframes with confluences of the monthly resistance plus rejection of the 78.2% level. Next possible target is - 1.1900 provided that price breaks counter trendline and we see the MAs crossing over on the H4 time frame followed by Lower highs and Higher...
We rejected the weekly resistance of 1.19250 as the recent 2 monthly candles formed a bearish tweezer, indicating a possible move to the downside. We could see a retest of the previously broken consolidation area; around the now monthly support - 1.14500
We broke the daily upward trend line and we could find support at 1.16875 before making a new higher low.
...
We have seen the MAs crossover on the monthly, weekly and daily timeframes, indicating future bearish momentum.
I foresee price coming down to the 11650 monthly support area which lines up with the monthly upward trend line that could result in a 3rd retest of the trend line which could take us to new highs of 13254 which is weekly resistance and lines up with...
